{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\Alan\Documents\comment paper table 1 bhps.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}10 Dec 2014, 17:09:08

{com}. do "C:\Users\Alan\AppData\Local\Temp\STD0w000000.tmp"
{txt}
{com}. 
. 
. **Table 1 BHPS**
. 
. reg lfsato L.lfsato lnwage  se  ue retired otherlfs mar1 mar2 mar3 mar4 ed2 ed3 ghl1 ghl2 age2130 age3140 age4150 age5160 wav8-wav17 reg1-reg2 reg4-reg19 if wave<=10
{txt}note: wav11 omitted because of collinearity
note: wav12 omitted because of collinearity
note: wav13 omitted because of collinearity
note: wav14 omitted because of collinearity
note: wav15 omitted because of collinearity
note: wav16 omitted because of collinearity
note: wav17 omitted because of collinearity

      Source {c |}       SS       df       MS              Number of obs ={res}   20689
{txt}{hline 13}{char +}{hline 30}           F( 39, 20649) ={res}  254.46
    {txt}   Model {char |} {res} 8431.37097    39  216.188999           {txt}Prob > F      = {res} 0.0000
    {txt}Residual {char |} {res} 17543.0654 20649  .849584261           {txt}R-squared     = {res} 0.3246
{txt}{hline 13}{char +}{hline 30}           Adj R-squared = {res} 0.3233
    {txt}   Total {char |} {res} 25974.4364 20688  1.25553153           {txt}Root MSE      = {res} .92173

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      lfsato{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}lfsato {c |}
{space 9}L1. {c |}{col 14}{res}{space 2} .4866475{col 26}{space 2}  .005852{col 37}{space 1}   83.16{col 46}{space 3}0.000{col 54}{space 4}  .475177{col 67}{space 3}  .498118
{txt}{space 12} {c |}
{space 6}lnwage {c |}{col 14}{res}{space 2} .0126434{col 26}{space 2} .0093061{col 37}{space 1}    1.36{col 46}{space 3}0.174{col 54}{space 4}-.0055973{col 67}{space 3} .0308841
{txt}{space 10}se {c |}{col 14}{res}{space 2}-.0540849{col 26}{space 2} .1320278{col 37}{space 1}   -0.41{col 46}{space 3}0.682{col 54}{space 4}-.3128699{col 67}{space 3}    .2047
{txt}{space 10}ue {c |}{col 14}{res}{space 2}-.1279915{col 26}{space 2} .1063043{col 37}{space 1}   -1.20{col 46}{space 3}0.229{col 54}{space 4}-.3363563{col 67}{space 3} .0803733
{txt}{space 5}retired {c |}{col 14}{res}{space 2} .3069552{col 26}{space 2} .2785618{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.2390479{col 67}{space 3} .8529583
{txt}{space 4}otherlfs {c |}{col 14}{res}{space 2}-.0241911{col 26}{space 2} .0350994{col 37}{space 1}   -0.69{col 46}{space 3}0.491{col 54}{space 4}-.0929886{col 67}{space 3} .0446065
{txt}{space 8}mar1 {c |}{col 14}{res}{space 2} .0850054{col 26}{space 2} .0183657{col 37}{space 1}    4.63{col 46}{space 3}0.000{col 54}{space 4} .0490071{col 67}{space 3} .1210037
{txt}{space 8}mar2 {c |}{col 14}{res}{space 2}-.1030751{col 26}{space 2} .0487253{col 37}{space 1}   -2.12{col 46}{space 3}0.034{col 54}{space 4}-.1985806{col 67}{space 3}-.0075696
{txt}{space 8}mar3 {c |}{col 14}{res}{space 2}-.0096433{col 26}{space 2} .0277853{col 37}{space 1}   -0.35{col 46}{space 3}0.729{col 54}{space 4}-.0641046{col 67}{space 3}  .044818
{txt}{space 8}mar4 {c |}{col 14}{res}{space 2}-.0435842{col 26}{space 2} .0646312{col 37}{space 1}   -0.67{col 46}{space 3}0.500{col 54}{space 4}-.1702665{col 67}{space 3} .0830982
{txt}{space 9}ed2 {c |}{col 14}{res}{space 2}-.0973202{col 26}{space 2} .0189337{col 37}{space 1}   -5.14{col 46}{space 3}0.000{col 54}{space 4}-.1344318{col 67}{space 3}-.0602086
{txt}{space 9}ed3 {c |}{col 14}{res}{space 2}-.0864434{col 26}{space 2} .0187217{col 37}{space 1}   -4.62{col 46}{space 3}0.000{col 54}{space 4}-.1231393{col 67}{space 3}-.0497475
{txt}{space 8}ghl1 {c |}{col 14}{res}{space 2} .5594199{col 26}{space 2} .0200037{col 37}{space 1}   27.97{col 46}{space 3}0.000{col 54}{space 4}  .520211{col 67}{space 3} .5986288
{txt}{space 8}ghl2 {c |}{col 14}{res}{space 2} .3746779{col 26}{space 2} .0171942{col 37}{space 1}   21.79{col 46}{space 3}0.000{col 54}{space 4}  .340976{col 67}{space 3} .4083798
{txt}{space 5}age2130 {c |}{col 14}{res}{space 2}-.0953643{col 26}{space 2}  .030017{col 37}{space 1}   -3.18{col 46}{space 3}0.001{col 54}{space 4}   -.1542{col 67}{space 3}-.0365287
{txt}{space 5}age3140 {c |}{col 14}{res}{space 2} -.184921{col 26}{space 2} .0327424{col 37}{space 1}   -5.65{col 46}{space 3}0.000{col 54}{space 4}-.2490987{col 67}{space 3}-.1207434
{txt}{space 5}age4150 {c |}{col 14}{res}{space 2} -.186424{col 26}{space 2} .0345648{col 37}{space 1}   -5.39{col 46}{space 3}0.000{col 54}{space 4}-.2541738{col 67}{space 3}-.1186742
{txt}{space 5}age5160 {c |}{col 14}{res}{space 2} -.087807{col 26}{space 2} .0361177{col 37}{space 1}   -2.43{col 46}{space 3}0.015{col 54}{space 4}-.1586006{col 67}{space 3}-.0170134
{txt}{space 8}wav8 {c |}{col 14}{res}{space 2}  .052419{col 26}{space 2} .0192663{col 37}{space 1}    2.72{col 46}{space 3}0.007{col 54}{space 4} .0146554{col 67}{space 3} .0901825
{txt}{space 8}wav9 {c |}{col 14}{res}{space 2}-.0794133{col 26}{space 2} .0194723{col 37}{space 1}   -4.08{col 46}{space 3}0.000{col 54}{space 4}-.1175804{col 67}{space 3}-.0412461
{txt}{space 7}wav10 {c |}{col 14}{res}{space 2}-.0660521{col 26}{space 2} .0185759{col 37}{space 1}   -3.56{col 46}{space 3}0.000{col 54}{space 4}-.1024623{col 67}{space 3}-.0296419
{txt}{space 7}wav11 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav12 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav13 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav14 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav15 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav16 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav17 {c |}{col 14}{res}  (omitted)
{txt}{space 8}reg1 {c |}{col 14}{res}{space 2} .0364246{col 26}{space 2} .0427545{col 37}{space 1}    0.85{col 46}{space 3}0.394{col 54}{space 4}-.0473776{col 67}{space 3} .1202269
{txt}{space 8}reg2 {c |}{col 14}{res}{space 2} .0151841{col 26}{space 2} .0305019{col 37}{space 1}    0.50{col 46}{space 3}0.619{col 54}{space 4}-.0446021{col 67}{space 3} .0749703
{txt}{space 8}reg4 {c |}{col 14}{res}{space 2} .0816621{col 26}{space 2} .0268329{col 37}{space 1}    3.04{col 46}{space 3}0.002{col 54}{space 4} .0290676{col 67}{space 3} .1342567
{txt}{space 8}reg5 {c |}{col 14}{res}{space 2} .0631181{col 26}{space 2} .0374579{col 37}{space 1}    1.69{col 46}{space 3}0.092{col 54}{space 4}-.0103023{col 67}{space 3} .1365385
{txt}{space 8}reg6 {c |}{col 14}{res}{space 2} .0722324{col 26}{space 2} .0271342{col 37}{space 1}    2.66{col 46}{space 3}0.008{col 54}{space 4} .0190471{col 67}{space 3} .1254176
{txt}{space 8}reg7 {c |}{col 14}{res}{space 2} .0018211{col 26}{space 2} .0404008{col 37}{space 1}    0.05{col 46}{space 3}0.964{col 54}{space 4}-.0773677{col 67}{space 3} .0810099
{txt}{space 8}reg8 {c |}{col 14}{res}{space 2} .0240571{col 26}{space 2}  .031345{col 37}{space 1}    0.77{col 46}{space 3}0.443{col 54}{space 4}-.0373816{col 67}{space 3} .0854957
{txt}{space 8}reg9 {c |}{col 14}{res}{space 2}-.0267171{col 26}{space 2} .0369128{col 37}{space 1}   -0.72{col 46}{space 3}0.469{col 54}{space 4}-.0990692{col 67}{space 3}  .045635
{txt}{space 7}reg10 {c |}{col 14}{res}{space 2} .1562138{col 26}{space 2} .0510116{col 37}{space 1}    3.06{col 46}{space 3}0.002{col 54}{space 4}  .056227{col 67}{space 3} .2562005
{txt}{space 7}reg11 {c |}{col 14}{res}{space 2} .0115851{col 26}{space 2} .0343116{col 37}{space 1}    0.34{col 46}{space 3}0.736{col 54}{space 4}-.0556683{col 67}{space 3} .0788384
{txt}{space 7}reg12 {c |}{col 14}{res}{space 2} .0390925{col 26}{space 2} .0445407{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.0482108{col 67}{space 3} .1263959
{txt}{space 7}reg13 {c |}{col 14}{res}{space 2} .0723651{col 26}{space 2} .0410949{col 37}{space 1}    1.76{col 46}{space 3}0.078{col 54}{space 4}-.0081842{col 67}{space 3} .1529144
{txt}{space 7}reg14 {c |}{col 14}{res}{space 2} .0309576{col 26}{space 2} .0407104{col 37}{space 1}    0.76{col 46}{space 3}0.447{col 54}{space 4} -.048838{col 67}{space 3} .1107533
{txt}{space 7}reg15 {c |}{col 14}{res}{space 2} .0559084{col 26}{space 2} .0499863{col 37}{space 1}    1.12{col 46}{space 3}0.263{col 54}{space 4}-.0420688{col 67}{space 3} .1538856
{txt}{space 7}reg16 {c |}{col 14}{res}{space 2} .0530376{col 26}{space 2} .0364943{col 37}{space 1}    1.45{col 46}{space 3}0.146{col 54}{space 4}-.0184941{col 67}{space 3} .1245692
{txt}{space 7}reg17 {c |}{col 14}{res}{space 2} .0494214{col 26}{space 2} .0277446{col 37}{space 1}    1.78{col 46}{space 3}0.075{col 54}{space 4}-.0049603{col 67}{space 3}  .103803
{txt}{space 7}reg18 {c |}{col 14}{res}{space 2}  .030327{col 26}{space 2} .0240014{col 37}{space 1}    1.26{col 46}{space 3}0.206{col 54}{space 4}-.0167176{col 67}{space 3} .0773715
{txt}{space 7}reg19 {c |}{col 14}{res}{space 2}-.0094102{col 26}{space 2} .0608373{col 37}{space 1}   -0.15{col 46}{space 3}0.877{col 54}{space 4}-.1286561{col 67}{space 3} .1098358
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.396012{col 26}{space 2} .0729847{col 37}{space 1}   32.83{col 46}{space 3}0.000{col 54}{space 4} 2.252956{col 67}{space 3} 2.539068
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. xtreg lfsato L.lfsato lnwage  se  ue retired otherlfs mar1 mar2 mar3 mar4 ed2 ed3 ghl1 ghl2 age2130 age3140 age4150 age5160 wav8-wav17 reg1-reg2 reg4-reg19 if wave<=10, fe
{txt}note: wav11 omitted because of collinearity
note: wav12 omitted because of collinearity
note: wav13 omitted because of collinearity
note: wav14 omitted because of collinearity
note: wav15 omitted because of collinearity
note: wav16 omitted because of collinearity
note: wav17 omitted because of collinearity
note: reg19 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      = {res}    20689
{txt}Group variable: {res}pid                             {txt}Number of groups   = {res}     8340

{txt}R-sq:  within  = {res}0.0563                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.0694                                        {txt}avg = {res}      2.5
{txt}       overall = {res}0.0428                                        {txt}max = {res}        4

                                                {txt}F({res}38{txt},{res}12311{txt})        = {res}    19.32
{txt}corr(u_i, Xb)  = {res}-0.5288                        {txt}Prob > F           =    {res}0.0000

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      lfsato{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}lfsato {c |}
{space 9}L1. {c |}{col 14}{res}{space 2}-.1767964{col 26}{space 2} .0085647{col 37}{space 1}  -20.64{col 46}{space 3}0.000{col 54}{space 4}-.1935845{col 67}{space 3}-.1600084
{txt}{space 12} {c |}
{space 6}lnwage {c |}{col 14}{res}{space 2}  .095993{col 26}{space 2} .0234777{col 37}{space 1}    4.09{col 46}{space 3}0.000{col 54}{space 4}  .049973{col 67}{space 3} .1420129
{txt}{space 10}se {c |}{col 14}{res}{space 2}-.0868314{col 26}{space 2} .1402274{col 37}{space 1}   -0.62{col 46}{space 3}0.536{col 54}{space 4}-.3616991{col 67}{space 3} .1880363
{txt}{space 10}ue {c |}{col 14}{res}{space 2} .0239556{col 26}{space 2} .1218366{col 37}{space 1}    0.20{col 46}{space 3}0.844{col 54}{space 4}-.2148632{col 67}{space 3} .2627744
{txt}{space 5}retired {c |}{col 14}{res}{space 2} .1452395{col 26}{space 2} .4786363{col 37}{space 1}    0.30{col 46}{space 3}0.762{col 54}{space 4}-.7929626{col 67}{space 3} 1.083442
{txt}{space 4}otherlfs {c |}{col 14}{res}{space 2} .0717724{col 26}{space 2} .0502341{col 37}{space 1}    1.43{col 46}{space 3}0.153{col 54}{space 4}-.0266944{col 67}{space 3} .1702391
{txt}{space 8}mar1 {c |}{col 14}{res}{space 2} .0435354{col 26}{space 2} .0561628{col 37}{space 1}    0.78{col 46}{space 3}0.438{col 54}{space 4}-.0665524{col 67}{space 3} .1536232
{txt}{space 8}mar2 {c |}{col 14}{res}{space 2}-.1455702{col 26}{space 2} .0892654{col 37}{space 1}   -1.63{col 46}{space 3}0.103{col 54}{space 4}-.3205444{col 67}{space 3} .0294039
{txt}{space 8}mar3 {c |}{col 14}{res}{space 2} .0268898{col 26}{space 2} .0873565{col 37}{space 1}    0.31{col 46}{space 3}0.758{col 54}{space 4}-.1443427{col 67}{space 3} .1981224
{txt}{space 8}mar4 {c |}{col 14}{res}{space 2}-.1778029{col 26}{space 2}  .200932{col 37}{space 1}   -0.88{col 46}{space 3}0.376{col 54}{space 4}-.5716611{col 67}{space 3} .2160554
{txt}{space 9}ed2 {c |}{col 14}{res}{space 2} .0210513{col 26}{space 2} .0855867{col 37}{space 1}    0.25{col 46}{space 3}0.806{col 54}{space 4} -.146712{col 67}{space 3} .1888147
{txt}{space 9}ed3 {c |}{col 14}{res}{space 2}-.0433628{col 26}{space 2} .0908474{col 37}{space 1}   -0.48{col 46}{space 3}0.633{col 54}{space 4}-.2214379{col 67}{space 3} .1347123
{txt}{space 8}ghl1 {c |}{col 14}{res}{space 2} .3273846{col 26}{space 2} .0274772{col 37}{space 1}   11.91{col 46}{space 3}0.000{col 54}{space 4} .2735249{col 67}{space 3} .3812443
{txt}{space 8}ghl2 {c |}{col 14}{res}{space 2} .2257688{col 26}{space 2} .0216129{col 37}{space 1}   10.45{col 46}{space 3}0.000{col 54}{space 4} .1834042{col 67}{space 3} .2681334
{txt}{space 5}age2130 {c |}{col 14}{res}{space 2}-.2648738{col 26}{space 2} .0586242{col 37}{space 1}   -4.52{col 46}{space 3}0.000{col 54}{space 4}-.3797865{col 67}{space 3}-.1499612
{txt}{space 5}age3140 {c |}{col 14}{res}{space 2}-.2156374{col 26}{space 2} .0766907{col 37}{space 1}   -2.81{col 46}{space 3}0.005{col 54}{space 4}-.3659632{col 67}{space 3}-.0653117
{txt}{space 5}age4150 {c |}{col 14}{res}{space 2}-.2266366{col 26}{space 2} .0921334{col 37}{space 1}   -2.46{col 46}{space 3}0.014{col 54}{space 4}-.4072325{col 67}{space 3}-.0460406
{txt}{space 5}age5160 {c |}{col 14}{res}{space 2}-.1781329{col 26}{space 2} .1080057{col 37}{space 1}   -1.65{col 46}{space 3}0.099{col 54}{space 4}-.3898411{col 67}{space 3} .0335753
{txt}{space 8}wav8 {c |}{col 14}{res}{space 2} .0527291{col 26}{space 2} .0170175{col 37}{space 1}    3.10{col 46}{space 3}0.002{col 54}{space 4} .0193722{col 67}{space 3}  .086086
{txt}{space 8}wav9 {c |}{col 14}{res}{space 2}-.0492694{col 26}{space 2} .0188006{col 37}{space 1}   -2.62{col 46}{space 3}0.009{col 54}{space 4}-.0861214{col 67}{space 3}-.0124173
{txt}{space 7}wav10 {c |}{col 14}{res}{space 2}-.1199586{col 26}{space 2} .0206616{col 37}{space 1}   -5.81{col 46}{space 3}0.000{col 54}{space 4}-.1604585{col 67}{space 3}-.0794587
{txt}{space 7}wav11 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav12 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav13 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav14 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav15 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav16 {c |}{col 14}{res}  (omitted)
{txt}{space 7}wav17 {c |}{col 14}{res}  (omitted)
{txt}{space 8}reg1 {c |}{col 14}{res}{space 2} .1658121{col 26}{space 2} .1590472{col 37}{space 1}    1.04{col 46}{space 3}0.297{col 54}{space 4}-.1459452{col 67}{space 3} .4775695
{txt}{space 8}reg2 {c |}{col 14}{res}{space 2} .0507008{col 26}{space 2} .1284071{col 37}{space 1}    0.39{col 46}{space 3}0.693{col 54}{space 4}-.2009973{col 67}{space 3} .3023989
{txt}{space 8}reg4 {c |}{col 14}{res}{space 2}-.0188134{col 26}{space 2} .1557299{col 37}{space 1}   -0.12{col 46}{space 3}0.904{col 54}{space 4}-.3240684{col 67}{space 3} .2864417
{txt}{space 8}reg5 {c |}{col 14}{res}{space 2} .0935755{col 26}{space 2} .1799244{col 37}{space 1}    0.52{col 46}{space 3}0.603{col 54}{space 4}-.2591046{col 67}{space 3} .4462556
{txt}{space 8}reg6 {c |}{col 14}{res}{space 2} .0497654{col 26}{space 2} .1837823{col 37}{space 1}    0.27{col 46}{space 3}0.787{col 54}{space 4}-.3104767{col 67}{space 3} .4100075
{txt}{space 8}reg7 {c |}{col 14}{res}{space 2} .0303412{col 26}{space 2} .2255312{col 37}{space 1}    0.13{col 46}{space 3}0.893{col 54}{space 4}-.4117353{col 67}{space 3} .4724177
{txt}{space 8}reg8 {c |}{col 14}{res}{space 2} .1551067{col 26}{space 2} .1931331{col 37}{space 1}    0.80{col 46}{space 3}0.422{col 54}{space 4}-.2234643{col 67}{space 3} .5336777
{txt}{space 8}reg9 {c |}{col 14}{res}{space 2} .1104019{col 26}{space 2} .2230143{col 37}{space 1}    0.50{col 46}{space 3}0.621{col 54}{space 4} -.326741{col 67}{space 3} .5475448
{txt}{space 7}reg10 {c |}{col 14}{res}{space 2}  .410773{col 26}{space 2} .3430844{col 37}{space 1}    1.20{col 46}{space 3}0.231{col 54}{space 4}-.2617262{col 67}{space 3} 1.083272
{txt}{space 7}reg11 {c |}{col 14}{res}{space 2}-.0506248{col 26}{space 2} .1962027{col 37}{space 1}   -0.26{col 46}{space 3}0.796{col 54}{space 4}-.4352127{col 67}{space 3} .3339632
{txt}{space 7}reg12 {c |}{col 14}{res}{space 2} .4122883{col 26}{space 2}  .341189{col 37}{space 1}    1.21{col 46}{space 3}0.227{col 54}{space 4}-.2564957{col 67}{space 3} 1.081072
{txt}{space 7}reg13 {c |}{col 14}{res}{space 2}-.0330168{col 26}{space 2} .2372339{col 37}{space 1}   -0.14{col 46}{space 3}0.889{col 54}{space 4}-.4980324{col 67}{space 3} .4319989
{txt}{space 7}reg14 {c |}{col 14}{res}{space 2} .0722533{col 26}{space 2} .2230871{col 37}{space 1}    0.32{col 46}{space 3}0.746{col 54}{space 4}-.3650323{col 67}{space 3}  .509539
{txt}{space 7}reg15 {c |}{col 14}{res}{space 2} .0961881{col 26}{space 2} .3180318{col 37}{space 1}    0.30{col 46}{space 3}0.762{col 54}{space 4} -.527204{col 67}{space 3} .7195802
{txt}{space 7}reg16 {c |}{col 14}{res}{space 2}-.0617561{col 26}{space 2} .2628445{col 37}{space 1}   -0.23{col 46}{space 3}0.814{col 54}{space 4}-.5769726{col 67}{space 3} .4534603
{txt}{space 7}reg17 {c |}{col 14}{res}{space 2} .2268559{col 26}{space 2} .2408145{col 37}{space 1}    0.94{col 46}{space 3}0.346{col 54}{space 4}-.2451783{col 67}{space 3} .6988901
{txt}{space 7}reg18 {c |}{col 14}{res}{space 2} .8205837{col 26}{space 2} .2990986{col 37}{space 1}    2.74{col 46}{space 3}0.006{col 54}{space 4} .2343036{col 67}{space 3} 1.406864
{txt}{space 7}reg19 {c |}{col 14}{res}  (omitted)
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.347307{col 26}{space 2} .2105115{col 37}{space 1}   25.40{col 46}{space 3}0.000{col 54}{space 4} 4.934671{col 67}{space 3} 5.759942
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 1.1729434
{txt}     sigma_e {c |} {res} .74320688
{txt}         rho {c |} {res} .71353076{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}
F test that all u_i=0:     F({res}8339{txt}, {res}12311{txt}) = {res}    2.33         {txt}Prob > F = {res}0.0000
{txt}
{com}. xtabond2 lfsato L.lfsato lnwage  se  ue retired otherlfs mar1 mar2 mar3 mar4 ed2 ed3 ghl1 ghl2 age2130 age3140 age4150 age5160 wav8-wav17 reg1-reg2 reg4-reg19 if wave<=10, gmm(L.lfsato, laglimits(1 1))     gmm(mar1 mar2 mar3 mar4 ghl1 ghl2, laglimits(2 2)) iv(lnwage se  ue retired otherlfs  ed2 ed3 age2130 age3140 age4150 age5160 wav8-wav17 reg1-reg2 reg4-reg19) robust  twostep
{res}{txt}Favoring space over speed. To switch, type or click on {stata "mata: mata set matafavor speed, perm"}.
{txt}wav11 dropped due to collinearity
{txt}wav12 dropped due to collinearity
{txt}wav13 dropped due to collinearity
{txt}wav14 dropped due to collinearity
{txt}wav15 dropped due to collinearity
{txt}wav16 dropped due to collinearity
{txt}wav17 dropped due to collinearity
{res}Warning: Two-step estimated covariance matrix of moments is singular.
{res}  Using a generalized inverse to calculate optimal weighting matrix for two-step estimation.
{res}  Difference-in-Sargan/Hansen statistics may be negative.

{txt}Dynamic panel-data estimation, two-step system GMM
{hline 78}
Group variable: {res}pid{txt}{col 49}Number of obs      = {res}    20689
{txt}Time variable : {res}wave{txt}{col 49}Number of groups   = {res}     8340
{txt}Number of instruments = {res}81{col 49}{txt}Obs per group: min = {res}        1
{txt}Wald chi2({res}39{txt}){col 15}= {res}   361.70{col 64}{txt}avg = {res}     2.48
{txt}Prob > chi2{col 15}={res}     0.000{col 64}{txt}max = {res}        4
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}   Corrected
{col 1}      lfsato{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}lfsato {c |}
{space 9}L1. {c |}{col 14}{res}{space 2} .1151443{col 26}{space 2} .0173148{col 37}{space 1}    6.65{col 46}{space 3}0.000{col 54}{space 4} .0812078{col 67}{space 3} .1490807
{txt}{space 12} {c |}
{space 6}lnwage {c |}{col 14}{res}{space 2} .0365004{col 26}{space 2} .0153844{col 37}{space 1}    2.37{col 46}{space 3}0.018{col 54}{space 4} .0063475{col 67}{space 3} .0666532
{txt}{space 10}se {c |}{col 14}{res}{space 2} .0539599{col 26}{space 2} .1148234{col 37}{space 1}    0.47{col 46}{space 3}0.638{col 54}{space 4}-.1710899{col 67}{space 3} .2790096
{txt}{space 10}ue {c |}{col 14}{res}{space 2}-.0790901{col 26}{space 2} .1281965{col 37}{space 1}   -0.62{col 46}{space 3}0.537{col 54}{space 4}-.3303507{col 67}{space 3} .1721704
{txt}{space 5}retired {c |}{col 14}{res}{space 2} .2665673{col 26}{space 2} .3213995{col 37}{space 1}    0.83{col 46}{space 3}0.407{col 54}{space 4}-.3633641{col 67}{space 3} .8964988
{txt}{space 4}otherlfs {c |}{col 14}{res}{space 2}  .013589{col 26}{space 2}   .04446{col 37}{space 1}    0.31{col 46}{space 3}0.760{col 54}{space 4} -.073551{col 67}{space 3} .1007291
{txt}{space 8}mar1 {c |}{col 14}{res}{space 2} .5810286{col 26}{space 2} .1166899{col 37}{space 1}    4.98{col 46}{space 3}0.000{col 54}{space 4} .3523206{col 67}{space 3} .8097365
{txt}{space 8}mar2 {c |}{col 14}{res}{space 2}-.1535136{col 26}{space 2} .3254726{col 37}{space 1}   -0.47{col 46}{space 3}0.637{col 54}{space 4}-.7914282{col 67}{space 3}  .484401
{txt}{space 8}mar3 {c |}{col 14}{res}{space 2} .2692281{col 26}{space 2} .1903395{col 37}{space 1}    1.41{col 46}{space 3}0.157{col 54}{space 4}-.1038305{col 67}{space 3} .6422866
{txt}{space 8}mar4 {c |}{col 14}{res}{space 2}   .36102{col 26}{space 2} .3244388{col 37}{space 1}    1.11{col 46}{space 3}0.266{col 54}{space 4}-.2748684{col 67}{space 3} .9969084
{txt}{space 9}ed2 {c |}{col 14}{res}{space 2}-.1293264{col 26}{space 2} .0314407{col 37}{space 1}   -4.11{col 46}{space 3}0.000{col 54}{space 4}-.1909491{col 67}{space 3}-.0677037
{txt}{space 9}ed3 {c |}{col 14}{res}{space 2}-.1135274{col 26}{space 2} .0308589{col 37}{space 1}   -3.68{col 46}{space 3}0.000{col 54}{space 4}-.1740098{col 67}{space 3}-.0530449
{txt}{space 8}ghl1 {c |}{col 14}{res}{space 2} .5981167{col 26}{space 2} .1817184{col 37}{space 1}    3.29{col 46}{space 3}0.001{col 54}{space 4} .2419553{col 67}{space 3} .9542781
{txt}{space 8}ghl2 {c |}{col 14}{res}{space 2}  .277401{col 26}{space 2} .2441741{col 37}{space 1}    1.14{col 46}{space 3}0.256{col 54}{space 4}-.2011715{col 67}{space 3} .7559735
{txt}{space 5}age2130 {c |}{col 14}{res}{space 2}-.2938881{col 26}{space 2} .0530487{col 37}{space 1}   -5.54{col 46}{space 3}0.000{col 54}{space 4}-.3978618{col 67}{space 3}-.1899145
{txt}{space 5}age3140 {c |}{col 14}{res}{space 2}-.5954142{col 26}{space 2} .0974125{col 37}{space 1}   -6.11{col 46}{space 3}0.000{col 54}{space 4}-.7863393{col 67}{space 3}-.4044892
{txt}{space 5}age4150 {c |}{col 14}{res}{space 2}-.6523896{col 26}{space 2} .1118499{col 37}{space 1}   -5.83{col 46}{space 3}0.000{col 54}{space 4}-.8716113{col 67}{space 3}-.4331679
{txt}{space 5}age5160 {c |}{col 14}{res}{space 2}-.5371413{col 26}{space 2}  .116788{col 37}{space 1}   -4.60{col 46}{space 3}0.000{col 54}{space 4}-.7660416{col 67}{space 3}-.3082409
{txt}{space 8}wav8 {c |}{col 14}{res}{space 2} .0568394{col 26}{space 2} .0185622{col 37}{space 1}    3.06{col 46}{space 3}0.002{col 54}{space 4} .0204581{col 67}{space 3} .0932207
{txt}{space 8}wav9 {c |}{col 14}{res}{space 2}-.0312766{col 26}{space 2} .0476023{col 37}{space 1}   -0.66{col 46}{space 3}0.511{col 54}{space 4}-.1245753{col 67}{space 3} .0620221
{txt}{space 7}wav10 {c |}{col 14}{res}{space 2}-.0681334{col 26}{space 2} .0210012{col 37}{space 1}   -3.24{col 46}{space 3}0.001{col 54}{space 4}-.1092951{col 67}{space 3}-.0269717
{txt}{space 8}reg1 {c |}{col 14}{res}{space 2} .1014282{col 26}{space 2} .0706325{col 37}{space 1}    1.44{col 46}{space 3}0.151{col 54}{space 4}-.0370089{col 67}{space 3} .2398652
{txt}{space 8}reg2 {c |}{col 14}{res}{space 2} .0291338{col 26}{space 2}  .044776{col 37}{space 1}    0.65{col 46}{space 3}0.515{col 54}{space 4}-.0586255{col 67}{space 3} .1168931
{txt}{space 8}reg4 {c |}{col 14}{res}{space 2} .1213706{col 26}{space 2} .0420868{col 37}{space 1}    2.88{col 46}{space 3}0.004{col 54}{space 4} .0388821{col 67}{space 3} .2038592
{txt}{space 8}reg5 {c |}{col 14}{res}{space 2} .1075832{col 26}{space 2} .0569281{col 37}{space 1}    1.89{col 46}{space 3}0.059{col 54}{space 4}-.0039939{col 67}{space 3} .2191603
{txt}{space 8}reg6 {c |}{col 14}{res}{space 2} .1065659{col 26}{space 2} .0406742{col 37}{space 1}    2.62{col 46}{space 3}0.009{col 54}{space 4} .0268459{col 67}{space 3}  .186286
{txt}{space 8}reg7 {c |}{col 14}{res}{space 2} .0017067{col 26}{space 2}   .06286{col 37}{space 1}    0.03{col 46}{space 3}0.978{col 54}{space 4}-.1214965{col 67}{space 3}   .12491
{txt}{space 8}reg8 {c |}{col 14}{res}{space 2} .0646615{col 26}{space 2} .0479069{col 37}{space 1}    1.35{col 46}{space 3}0.177{col 54}{space 4}-.0292344{col 67}{space 3} .1585573
{txt}{space 8}reg9 {c |}{col 14}{res}{space 2} .0093148{col 26}{space 2} .0562584{col 37}{space 1}    0.17{col 46}{space 3}0.868{col 54}{space 4}-.1009496{col 67}{space 3} .1195792
{txt}{space 7}reg10 {c |}{col 14}{res}{space 2} .2563741{col 26}{space 2} .0739883{col 37}{space 1}    3.47{col 46}{space 3}0.001{col 54}{space 4} .1113596{col 67}{space 3} .4013885
{txt}{space 7}reg11 {c |}{col 14}{res}{space 2}-.0229685{col 26}{space 2} .0543864{col 37}{space 1}   -0.42{col 46}{space 3}0.673{col 54}{space 4}-.1295639{col 67}{space 3} .0836269
{txt}{space 7}reg12 {c |}{col 14}{res}{space 2} .0658185{col 26}{space 2}  .068511{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.0684605{col 67}{space 3} .2000976
{txt}{space 7}reg13 {c |}{col 14}{res}{space 2} .0408417{col 26}{space 2} .0620013{col 37}{space 1}    0.66{col 46}{space 3}0.510{col 54}{space 4}-.0806785{col 67}{space 3}  .162362
{txt}{space 7}reg14 {c |}{col 14}{res}{space 2} .0711935{col 26}{space 2} .0635575{col 37}{space 1}    1.12{col 46}{space 3}0.263{col 54}{space 4}-.0533769{col 67}{space 3} .1957639
{txt}{space 7}reg15 {c |}{col 14}{res}{space 2} .0922351{col 26}{space 2} .0799862{col 37}{space 1}    1.15{col 46}{space 3}0.249{col 54}{space 4}-.0645349{col 67}{space 3} .2490051
{txt}{space 7}reg16 {c |}{col 14}{res}{space 2} .0887946{col 26}{space 2} .0561995{col 37}{space 1}    1.58{col 46}{space 3}0.114{col 54}{space 4}-.0213543{col 67}{space 3} .1989435
{txt}{space 7}reg17 {c |}{col 14}{res}{space 2}   .07539{col 26}{space 2}  .041314{col 37}{space 1}    1.82{col 46}{space 3}0.068{col 54}{space 4}-.0055839{col 67}{space 3}  .156364
{txt}{space 7}reg18 {c |}{col 14}{res}{space 2} .0507961{col 26}{space 2} .0363789{col 37}{space 1}    1.40{col 46}{space 3}0.163{col 54}{space 4}-.0205053{col 67}{space 3} .1220974
{txt}{space 7}reg19 {c |}{col 14}{res}{space 2}-.0358315{col 26}{space 2} .0831276{col 37}{space 1}   -0.43{col 46}{space 3}0.666{col 54}{space 4}-.1987586{col 67}{space 3} .1270957
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.253567{col 26}{space 2} .1761673{col 37}{space 1}   24.15{col 46}{space 3}0.000{col 54}{space 4} 3.908286{col 67}{space 3} 4.598849
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Instruments for first differences equation
{col 3}Standard
{col 5}D.(lnwage se ue retired otherlfs ed2 ed3 age2130 age3140 age4150 age5160
{col 5}wav8 wav9 wav10 wav11 wav12 wav13 wav14 wav15 wav16 wav17 reg1 reg2 reg4
{col 5}reg5 reg6 reg7 reg8 reg9 reg10 reg11 reg12 reg13 reg14 reg15 reg16 reg17
{col 5}reg18 reg19)
{col 3}GMM-type (missing=0, separate instruments for each period unless collapsed)
{col 5}L2.(mar1 mar2 mar3 mar4 ghl1 ghl2)
{col 5}L.L.lfsato
Instruments for levels equation
{col 3}Standard
{col 5}lnwage se ue retired otherlfs ed2 ed3 age2130 age3140 age4150 age5160 wav8
{col 5}wav9 wav10 wav11 wav12 wav13 wav14 wav15 wav16 wav17 reg1 reg2 reg4 reg5
{col 5}reg6 reg7 reg8 reg9 reg10 reg11 reg12 reg13 reg14 reg15 reg16 reg17 reg18
{col 5}reg19
{col 5}_cons
{col 3}GMM-type (missing=0, separate instruments for each period unless collapsed)
{col 5}DL.(mar1 mar2 mar3 mar4 ghl1 ghl2)
{col 5}D.L.lfsato
{hline 78}
Arellano-Bond test for AR(1) in first differences:{col 52}z = {res}-24.01{txt}  Pr > z = {res} 0.000
{txt}Arellano-Bond test for AR(2) in first differences:{col 52}z = {res}  1.29{txt}  Pr > z = {res} 0.197
{txt}{hline 78}
Sargan test of overid. restrictions: chi2({res}41{txt}){col 49}={res}  81.90{txt}{col 59}Prob > chi2 = {res} 0.000
{txt}  (Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2({res}41{txt}){col 49}={res}  46.55{txt}{col 59}Prob > chi2 = {res} 0.255
{txt}  (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:
  GMM instruments for levels
    Hansen test excluding group:{col 38}chi2({res}14{txt}){col 49}={res}  11.48{txt}{col 59}Prob > chi2 = {res} 0.648
{txt}    Difference (null H = exogenous):{col 38}chi2({res}27{txt}){col 49}={res}  35.07{txt}{col 59}Prob > chi2 = {res} 0.137
{txt}  gmm(L.lfsato, lag(1 1))
    Hansen test excluding group:{col 38}chi2({res}35{txt}){col 49}={res}  41.06{txt}{col 59}Prob > chi2 = {res} 0.222
{txt}    Difference (null H = exogenous):{col 38}chi2({res}6{txt}){col 49}={res}   5.49{txt}{col 59}Prob > chi2 = {res} 0.483
{txt}  iv(lnwage se ue retired otherlfs ed2 ed3 age2130 age3140 age4150 age5160 wav8 wav9 wav10 wav11 wav12 wav13 wav14 wav15 wav16 wav17 reg1 reg2 reg4 reg5 reg6 reg7 reg8 reg9 reg10 reg11 reg12 reg13 reg14 reg15 reg16 reg17 reg18 reg19)
    Hansen test excluding group:{col 38}chi2({res}9{txt}){col 49}={res}   3.76{txt}{col 59}Prob > chi2 = {res} 0.926
{txt}    Difference (null H = exogenous):{col 38}chi2({res}32{txt}){col 49}={res}  42.78{txt}{col 59}Prob > chi2 = {res} 0.096

{txt}
{com}. 
{txt}end of do-file

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      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\Alan\Documents\comment paper table 1 bhps.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}10 Dec 2014, 18:32:28
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